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USD/JPY

The pair of USD/JPY . the pair continues the upward trend and is now at the support level 118.45. If this level stand, it is possible to increase the price to the level of 119.26 and then if it is broken. If the support can not stand, it can roll back prices to a level of 117.70

In the near future, will march to the 1.21 figure should touch it, and it is planned that there should be a correction of 1.18 ... because without correction above will not move, particularly the prerequisites for this are not present, and before you know to figure 1.24 we can get, would not be bad, so there could be a sell on the stand in a long time

The pair of USD/JPY in 4H chart. the pair is trading down and trying to gain a foothold in the side channel. In case if there is a way out of the resistance level of 118.60, then maybe the price increase to the resistance level 119.20. If the support is overcome, then fall to the level of 117.70.

The pair of USD/JPY in 4H chart. the pair failed to overcome the resistance level of 119.35 and pulled back from him, perhaps a new attempt to overcome this resistance level of 118.90 support. In case if it is not successful, then the pair will fall below the support level 118.90

The pair of USDJPY in 4H chart. the pair can not gain a foothold above the resistance level of 119.00. From it may fall to the level of support 118.60 and more if it is broken to the level of 118.30. In case if it is broken, then the possible output to the resistance level 119.35.

USDJPY has been moving sideways since November last year and is now reacting higher from a support at 118.33. Since then the pair has briefly penetrated the November high and has created a series of higher weekly lows between 115.57 and the latest low at 118.33. This suggests that the pair should move higher once the consolidation period has ended. A trigger for this could be further monetary easing from the Japanese central bank. Even though the pair has reacted higher from support it is still relatively close to the support levels.

USDJPY, Daily

USDJPY moved down to 118.33 last week but the move rejected and created a hammer candle. Since then price has reacted higher as is usual after such a move and has now retraced back to this pivotal candle with reaction higher in today’s trading. Today’s low coincides with a 50 period SMA, the lower Bollinger Bands and a rising trendline. This suggests that the pair will move higher over the coming days. The nearest support is at 119.41 and the important resistance levels at 121.55 and 1.2202.

USDJPY, 240 min

After breaking out of a wedge formation the pair was consolidating for a while. This consolidation pattern created a support from which price has now reacted higher from. Now we have a hammer candle and some follow through but price is struggling with a minor resistance at 120. Stochastic oscillator is at 34 points and is about to cross over the signal line to the upside. The channel width points to an area between resistance levels at 121.09 and 121.50.

Conclusion:

USDJPY has been a bit sluggish to move higher over the last three to four days, even though we have had bullish signals and the market has been trading close a support. This raises some questions but as long as this pair stays inside the bullish channel (see the daily chart) and makes higher lows it is safe to assume that the pair will move towards my short term target area between 121.09 and 121.50. Price has found support from a 50 period SMA and a previous 4h resistance. Should there be retracements to this level I would look for buy signals with a target at 121.09. If there is no bigger retracement I will be looking to take benefit from smaller timeframe technical levels.

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

USDJPY has been moving side ways since the beginning of December 2014. The deepest correction has the retracement to 38.2% Fibonacci level in mid-December and was followed by another in January that attracted buyers just above the previous low. Since then price has challenged the previous high once and after failing to penetrate the resistance it created a higher low. Now the pair has yet again moved to the upper weekly Bollinger Bands. At the same time we have the US Dollar Index at a level that resisted moves higher in March this year.

USD has been relatively strong against the JPY throughout period it has been correcting against the other currencies and as the weekly lows have been higher with the latest CPI number from States surprising to the upside it could well be that the upper end of this range will eventually give in. At the end of the day it is more likely that the US Fed will hike the rates before the Japanese central bank which could even come up with yet another round of stimulus.

USDJPY Daily

Last week’s rally lifted USDJPY to the upper end of the range that has limited the pair’s movements since the end of the last year. Stochastics is overbought and price is reacting lower after moving above the upper daily Bollinger Band and also very close to the March high. If today’s daily candle closes to current levels or lower price has created a bearish shooting star candle. Stochastics is about to move below its three day moving average and could give a bearish signal should the weakness continue. Nearest support and resistance levels are 120.84 to 120.50 and 122.02.

USDJPY 240 min

The pair fell lower after hitting a historical resistance at 121.68 and has since found support at a minor support level that coincides with a high from Wednesday last week. This lack of upside momentum and a correction lower has eased the overbought condition in this timeframe and brought the oscillators lower. The nearest more significant support area (120.83 – 120.61) is currently near the lower Bollinger Bands and 38.2% Fibonacci level while the next major resistance is at 122.02.

Conclusion

Price is trading close to a longer term resistance and we could see market creating an exhaustion candle (shooting star). Today’s price action however might not be that important as many significant markets have been on holiday. Whenever a market is trading close to a resistance one should be looking for shorting opportunities. This market is trading near its resistance levels and therefore I would only initiate long positions after a correction to a significant support. Due to divergent inflation expectations and relatively strong US economy the dollar yen pair should eventually move higher but as usual a low risk entry would be preferable.Taking advantage of corrections to significant support levels such as the range created by Friday’s low at 120.61 and 1.5 stdv Bollinger Bands at 120.83 would be a preferable strategy to buying close to a resistance. Look for confirming price action at the key levels. If aforementioned support level fails to attract buyers assumptions in this analysis need to be re-evaluated.

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Technical AnalysisUSD / JPY has returned to the range and stability of the area in which it is mainly traded with the beginning of September, between the levels of 120.60 (EMA144 and 61.8% Fibonacci level) and 119.60 (EMA200 on the daily chart). The pair failed to break below last week's strong support 118.85 (EMA50 on the weekly chart).OsMA and Stochastic indicators show different dynamics, on the daily chart recommend buying on the 4-hour - sale.For further direction of USD / JPY pair need fundamental drivers. And, most likely before the Fed meeting (27-28 October) and the Bank of Japan's (30 October) USD / JPY pair is traded near the levels of 119.60, 120.60 without a certain direction.UJ d 201015.jpg